Etruscus Acquires High Impact Newfoundland GOLD Project and Restructures Management
ETRUSCUS ACQUIRES HIGH IMPACT
NEWFOUNDLAND GOLD PROJECT AND
RESTRUCTURES MANAGEMENT
Vancouver, BC – July 20, 2021 – Etruscus Resources Corp. (CSE: ETR) (OTC: ETRUF)
(FSE: ERR) (the “Company” or “Etruscus”), a Vancouver-based exploration company, is pleased
to announce that the Company has acquired an option to earn a 100% interest in the Lewis Gold
Property (the “Property”) in central Newfoundland. The Property consists of two claim blocks in
the heart of the Peyton Linear gold trend: the Peyton South claims and the Linear claims.
Together, the Property totals 25.67 square kilometers (2,567 Hectares) and establishes Etruscus
in a key location within central Newfoundland’s hi ghly active exploration region (Click Here to
View Map).
The Property has seen successful historical exploration along recognized regional structures and
presents the Company with an attractive exploration opportunity . With recently improved
infrastructure and ease of access, the Company believes this acquisition is the right property, a
largely unexplored package, in the right place and at the right time. The Lewis Gold Property is
located within a particular area that has recently seen robust financing and exploration news from
neighbouring companies such as Exploits Discovery Corp. to the north and east, Sassy
Resources Corporation to the west, and New Found Gold Corp. to the south (Click here to View
Map). The burgeoning Newfo undland gold rush is expected to yield significant new discoveries
and the Property is centrally located in the heart of it all.
Incoming President and CEO, Jason Leikam, states, “ This is a watershed moment for the
Company. Our first property acquisition in the Newfoundland Gold Belt positions Etruscus with
high impact exploration opportunities in two of Canada’s most prospective and exciting
exploration regions, the other being in BC’s Golden Triangle where an exploration program is
ongoing at the Rock & Roll Property. We are also now initializing activity in Newfoundland and
seeking to expand our presence within this highly active region. Our technical team is currently
compiling historic exploration records, including geochemical, geophysi cs and drilling data to
determine the initial steps of an aggressive exploration program. We are excited to get to work
and we want to thank our property vendors for the confidence to partner with us on these highly
compelling opportunities.”
Option Terms
Etruscus worked with three vendors to consolidate the Lewis Gold Property, including Mr. Gary
Lewis, a well-respected Newfoundland-based prospector, and New Rock Mining Corp, led by Jeff
Zajac. A total of three separate option agreements were completed to acquire 100% in the
property claims for aggregate, staged consideration of $870,000 and 3,100,000 common shares
over a four year period, according to the schedule in the table below:
Date Cash Shares
Acceptance Date $110,000 500,000
First Anniversary $150,000 625,000
Second Anniversary $150,000 650,000
Third Anniversary $195,000 650,000
Fourth Anniversary $265,000 675,000
Total $870,000 3,100,000
Each claim block carries a two percent (2%) Net Smelter Returns royalty, subject to the purchase
of one percent (1%) for $2,000,000 on or before commercial production.
New Rock Mining CEO, Jeff Zajac, welcomed Etruscus to the province of Newfoundland by
stating, “We were very impressed with both the management and geological
expertise Etruscus brought to the project, two elements that we felt were critical in selecting a
new partner. Ultimately, what won us over was their enthusiasm and vision to properly allocate
resources to advance what we hope to be one of the next big gold success stories, in
Newfoundland.”
Property Overview
The Lewis Gold Property consists of 103 claims in two claim bloc ks totaling 2,567.56 hectares,
located approximately 32 km from Gander, Newfoundland. It can be accessed by highway and a
network of unsealed forestry roads and trails. Rail access is within 8 km of the claims and a
powerline traverses the property. The town of Gander offers all the conveniences of a major
center including daily flights to St. John’s and Toronto.
Property Geology
The Property lies within the tectonostratigraphic Dunnage Zone and the Exploits Sub-zone which
is host to numerous orogenic gold showings and deposits, such as those on New Found Gold’s
Queensway Project. Gold mineralization in the area is mainly hosted in ENE and NNW striking
orogenic shear zones with much of the exploration focused on shears in sedimentary sequences
and not of intrusive hosted shear zones. The Property is underlain by the Mt . Peyton Batholith
which is also cut by these ENE and NNW structures , including the NNW oriented “Mt . Peyton
Trend” and remains an underexplored area within the Exploits Sub-Zone.
Historic Context
Recorded historic work on the Property began in the late 1980’s with Noranda and later by
Rubicon, Paragon Minerals as well as Gary Lewis and associated companies. This work
consisted of soil and IP surveys that partially overlap with the southern claims. Drilling programs,
on and adjacent to the property, have confirmed gold mineralization and drill intercepts have
included 8.83 g/t Au over 0.7 meters and 5.3 meters of 3.25 g/t Au. Prospecting has also returned
numerous boulders containing high grade gold including 25.8 g/t Au on property and 164 g/t Au
just off property, down ice direction. In addition to this exploration, portions of the Property were
sampled, notably at the Corsair and Sabre showings. Historic grab sample assays were reported
(although unverified by the Company) up to 1,347 g/t Ag and 2.1 g/t Au.
Historical geochemical soil and IP surveys were successful in identifying multiple gold targets
which remain untested by drilling.
Exploration Plan
Etruscus is taking a n immediate, targeted approach to exploration of the Property . Initial plans
include complete property wide geochemical soil sampling . F ollow up work will include more
targeted and detailed soil sampling, mapping, and IP survey work later this field season . The
initial work is expected to delineate high priority drill targets. The Mt. Peyton pluton has had
limited historical exploration work and Etruscus is confi dent it will discover more gold zones on
the Property by applying systematic and modern exploration methods.
Management Appointments
The Board of Directors announces the appointment of Jason Leikam as President and CEO. Mr.
Leikam has served as an independent director of Etruscus Resources since its founding. He has
over twenty years’ experience in the junior capital markets, focusing on company formation,
marketing and finance and administration. Mr. Leikam wishes to t hank outgoing CEO Gordon
Lam for his significant contribution in the formation and establish ment of the Company . Mr.
Leikam noted, “Since founding Etruscus four years ago, Gordon has led the Company’s growth,
built an impressive technical team , attracted dedicated management and maintained a healthy
financial position and capital structure.” He went on to add , “Mr. Lam will continue to support
Etruscus as a director, shareholder, and consultant, continuing his focus on building shareholder
value. The board of directors wishes to thank him for his notable dedication and diligence.”
The Board of Directors also announces the appointment of Stephen Wetherup as Vice-President
of Exploration. Mr. Wetherup is a structural and economic geologist with over 20 years of global
exploration experience. He has worked for Fox Geological Consultants, Phelps Dodge
Corporation of Canada and as a consulting geologist for numerous exploration companies
including Freeport -McMoran. He is currently the Vice -President Geology with Caracle Creek
International Consulting and the Vice-President of Exploration for Commander Resources Ltd.
The Company thanks past Vice-President of Exploration Dr. David Webb for his logical and
opportunistic approaches to exploration that he brought to the Company since its inception , and
for his diligence and professionalism . The Board of Directors wishes him success in his future
endeavors.
About Etruscus
Etruscus Resources Corp. is a Vancouver-based exploration company focused on the acquisition
and development of precious metal mineral properties. The Company’s assets also include the
100%-owned Rock & Roll and Sugar properties comprising 27, 880 hectares near the past
producing Snip mine in Northwest B.C.’s prolific Golden Triangle. As a new entrant in the very active
Newfoundland exploration play, Etruscus is expanding its focus to include exploration activity in two
of Canada’s most active gold camps.
Etruscus is traded under the symbol “ETR” on the Canadian Securities Exchange, “ETRUF” on the
OTCQB and “ERR” on the Frankfurt Stock Exchange. Etruscus has 36,886,622 common shares
issued and outstanding.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the
securities in the United States. The securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state
securities laws and may not be offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state securities laws or an exemption from
such registration is available.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This Press Release may contain statements which constitute ‘forward-looking’ statements, including statements regarding
the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future
business activities and operating performance of the Company. The words “may”, “would”, “could”, “will”, “intend”, “plan”,
“anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, or its management,
are intended to identify such forward -looking statements. Investors are cautioned that any such forward -looking
statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that
the Company’s future business activities may differ materially from those in the forward-looking statements as a result of
various factors. Such risks, uncertainties and factors are described in the periodic filings with the Canadian securities
regulatory authorities, including quarterly and annual Management’s Discussion and Analysis, which may be viewed on
SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions
underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein
as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify
important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that
cause results not to be as intended, planned, anticipated, believed, estimated or expected. The Company does not intend,
and does not assume any obligation, to update these forward-looking statements.
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responsibility for the adequacy or accuracy of this release.
Company Contact
Jason Leikam, President & CEO
T: 604-336-9088
W: www.etruscusresources.com
Investor Relations Contact
Derek Wood
T: 403-668-7855